Cazaly completes sale of Parker Range iron asset for $20 million

Cazaly Resources (ASX: CAZ) has received $20 million for the sale of its Parker Range Iron Ore Project to mining services provider Mineral Resources Limited.

The sale of the Project includes the tenements (M77/0741, M77/0742 and M77/0764), the mining information, contracts and authorisations for the Project.

Under the finalised sale agreement, Cazaly will also receive a royalty of $0.50/ tonne of iron ore produced from the tenements after the first 10 million tonnes of production.

Cazaly has also revealed that it has terminated a Term Sheet with Gold Valley Iron Pty Ltd.

The Parker Range Project is located 52 kilometres south of Southern Cross, 15 kilometres south-east of Marvel Loch and approximately 400 kilometres east of Perth in the Yilgarn region of south-western Western Australia.